There is also an insurance
premium which is usually added to the mortgage.This
premium ranges from .5% of the mortgage value to 2.5%
dependingon the size of the down
payment.

$188

Property Tax Adjustment
- In addition to the above costs, you maybe
required to have cash on hand to repay the vendors for
taxes theyhave paid in advance
(depending on possession date and how the vendors paid
their taxes).Your lender may also request that you prepay
a few months taxes as well. A good rule of thumb is to
have enough money on handto pay six
months of taxes e.g. $500,000 home

$1100

Insurance
- You will have to arrange insurance on the propertybefore possession. The annual rate for a basic
policy is approximately ........

$250

Suggested cash on hand - a
minimum of .......................

$10,700

* These
figures are an estimate only. They are subject to change
and it is recommended that you consult your lawyer for
confirmation of your total costs.